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EUR/USD Opens Europe Buoyed by Risk, $1.1900-20 Provides Next Hurdle.

EUR
MNI (London)
  • Risk returned to favour through Thursday's US session, allowed EUR/USD to extend its recovery off earlier lows of $1.1816 to $1.1882, closing the day at $1.1873.
  • NY late pullback extended in opening Asian trade as rate eased to $1.1865 before meeting fresh demand.
  • Rate stepped its way up to $1.1891, holding firm into Europe.
  • Resistance remains at $1.1891/94(highs Nov18-17) with E1.4bln of $1.1900 option expiries noted to roll off at today's NY cut.
  • A break to expose the Nov9 high of $1.1920, with the 78.6% retrace of the move down from $1.2011 to $1.1603 coming in close behind at $1.1923 ahead of the Sep2 high of $1.1929.
  • Support $1.1865/50.
  • Germany PPI at 0700GMT, EU Consumer Confidence at 1500GMT
  • ECB Lagarde speaks at 0835GMT. ECB Centeno 0845GMT, Guindos 0945GMT and Weidmann at 1300GMT.
  • MNI Techs: EURUSD recovered off yesterday's low and maintains a firmer tone. Move lower between Nov 9 - 11 considered a correction and a bullish theme has been reinforced by the recent breach of 1.1881, Oct 21 high. The break higher opens this year's high print of 1.2011 on Sep 1 with the immediate bull trigger at 1.1920, Nov 9 high. On the downside, initial firm support to watch is at 1.1746, Nov 11 low.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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